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Luxury yachting on rise in Asia

Singapore's Sentosa cove - home to some of Asia's richest, and an emerging hot-spot in the yachting world.
Big buyers from across Asia are expected to stop by for a peak at the multi-million dollar craft on display at the Singapore Yacht Show.
The CEO of UAE-based Gulf Craft, Erwin Bamps, says there are signs a taste for the high life on the high seas is catching on in Asia.
(SOUNDBITE) (English) CEO OF GULF CRAFT, ERWIN BAMPS, SAYING:
"People in Asia are exploring boating and yachting. They're still actually redefining boating, meaning that, coming out of Europe or out of the Middle East, or out of the U.S., we tend to bring our idea of yachting to Southeast Asia, but that doesn't necessarily work for the people here."
Brands are beginning to expand into the region that now has nearly a quarter of the world's "ultra-wealthy individuals", according to consultancy Wealth-X.
Italian yachting brand Mangusta is one such company. Henry Goulding, their 25-year old brand ambassador for Singapore, explained why.
(SOUNDBITE) (English) BRAND AMBASSADOR AND OCEAN MASTER FOR MANGUSTA, HENRY GOULDING, SAYING:
"I think big designer brands are recording huge sales here, and I think there is a lot of interest in luxury goods in the Chinese market, and the Asian market as a whole, and so yachting is the next progression, so that is why we are here."
For the super-wealthy with a taste for exploration under the ocean waves there's this high-tech personal submarine.
That'll set you back US$2.4 million dollars.
But Asia is a region where multi-millionaires are increasing rapidly and the market for luxury yachts and other sea-going vessels is expected to expand accordingly.
Industry experts expect sales to pick up rapidly within the next few years.

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